Announced on the main stage at the Interledger Summit November 7, 2023 in San Jose, Costa Rica, Interledger took another step forward in fulfilling their mission of building an equitable and inclusive global interoperable payments network that helps people and communities excluded from the digital economy.
Interledger Foundation and JOPACC announce partnership to promote financial inclusion in the Hashemite Kingdom of Jordan.
The partnership will utilize the power of interoperability by using the Interledger Protocol (ILP) and Open Payments.
Located in West Asia and with a population of over 11 million people, Jordan has a high population of refugees and immigrants.
Women face significant financial inclusion gaps for bank account ownership and digital payment usage.
The rate of account ownership in 2022 was 34% for women and 66% for men, a gap of 32%. A 2021 survey found that only 25% of Jordanians had ever used mobile banking and 13% had ever used online banking.
“This partnership is another landmark step in helping to lower the 53% of adults who are currently financially excluded from financial services in Jordan,” said Maha Bahou, CEO of Jordan Payments and Clearing Company(JoPACC). “As a mother, I know the struggles and stress of needing to send funds to my child abroad. There are so many logistical challenges and added costs. ”I know this will help at least one million people in my country with cross border payments and
fintech and protocols like Interledger will help them to make seamless payments.”
“Although Jordan is a small country, it is one of the most advanced in terms of adopting innovative technologies in payments. Banks in Jordan are open-minded and keen to provide solutions to all of its people,” said Briana Marbury, President and CEO of the Interledger Foundation. “We are excited about this partnership with JoPACC, furthering our mission to create a world that is financially inclusive and our alignment with the United Nations Sustainable Development Goals (SDG).”
The Interledger Summit took place from November 5-8 in San Jose, Costa Rica. The Summit is a continuation of the nonprofit’s effort to bring a diverse range of voices and solutions into the tech ecosystem by working with historically marginalized groups.
People came together from 26 countries and community-led organizations (many of whom are our grantees) who are building financial inclusion and open payment solutions from within their communities, alongside tech engineers, developers, and financial inclusion organizations in international development.
Attendees shared innovative products and services with the common goal of building equity and interoperability within a global payments network powered by ILP, and served as an inspiring opportunity to collaborate ideas, insights, and challenges in the digital financial inclusion space.
[Featured Image Credit]
Author
